Production
News
September 05, 2023
The leader of OPEC will continue its production cutback of 1 MMbpd until December, according to a statement published by the state Saudi Press Agency on Tuesday. Russia’s export reduction of 300,000 bpd will be extended for the same duration, Deputy Prime Minister Alexander Novak said in a separate statement.
News
September 04, 2023
West Texas Intermediate rose as much as 1.9%. Brent also climbed. Prices also gained as U.S. jobs data indicated wages were rising slower than forecast, taking the pressure off the Federal Reserve to hike interest rates.
News
September 04, 2023
The kingdom’s output fell by 170,000 bpd, exactly countering a combined increase from Iran and Nigeria, according to a Bloomberg survey. The Organization of Petroleum Exporting Countries collectively pumped 27.82 MMbpd in August, or 40,000 more than the previous month.
News
August 30, 2023
Since Russia started working with OPEC in 2017, Igor Sechin has consistently criticized the cooperation. The Rosneft CEO has pushed instead for the country to increase crude production and defend its market share from other global producers.
News
August 30, 2023
The Saudis introduced the additional production curb in July — on top of cutbacks it’s already made with partners in the OPEC alliance — and has been reviewing its extension on a monthly basis.
News
August 25, 2023
The “fragile five” of Iran, Iraq, Libya, Nigeria and Venezuela — which have struggled with output losses and disruptions for the past few years — will add roughly 900,000 bpd of production this year and at least the same in 2024.
News
August 25, 2023
Easing sanctions could revive long-awaited drilling projects by Chevron Corp., the only U.S. oil company with operations in Venezuela, as well as those by European firms, including Eni SpA, Repsol SA and Maurel & Prom.
News
August 25, 2023
The national vote ordered the shutdown of the 58,000 bpd field owned by national oil company Petroecuador, within a year. But area voters in the province of Orellana voted to keep the field operating and, according to Ecuador’s constitution, that local vote takes precedence,
Article
August 2023
Data show state of U.S. oil production remains steady
News
August 24, 2023
Worldwide onshore stockpiles were seen at about 3.37 Bbbl as of Wednesday, a slump of about about 60 MMbbl from a month earlier, according to energy analytics firm Kpler. They have recovered somewhat since Aug. 15.
News
August 22, 2023
The Islamic republic expects to boost production to 3.4 MMbpd by the end of summer, according to Oil Minister Javad Owji. That would put output near Iran’s capacity limit of 3.8 MMbpd.
News
August 17, 2023
Crude oil and natural gas production as reported to the Railroad Commission of Texas for May 2023 came from 163,182 oil wells and 87,370 gas wells.
News
August 16, 2023
nverus Intelligence Research (EIR), a subsidiary of Enverus, has released its latest quarterly FundamentalEdge report focused on global drivers for oil and gas prices to 2030, the five-year oil and gas supply and demand outlook, and price forecasts.
News
August 15, 2023
State-controlled PTT Exploration & Production Pcl plans to double gas production at Erawan, its biggest field, to 800 MMcfd in early 2024, said Chief Executive Officer Montri Rawanchaikul. Output at Bongkok, its second largest, will be raised by about 10% next year, he said.
News
August 15, 2023
The drop is led by the Permian basin in West Texas and New Mexico, where output will fall for a third month to 5.8 MMbpd, its lowest level since February.
News
August 11, 2023
"It is wrong for Western environmental lobbies to interfere with Africans’ chance to build a better future with their oil and gas resources — just as the environmentalists' home countries have," writes NJ Ayuk of the African Energy Chamber.
News
August 10, 2023
Output from the Organization of Petroleum Exporting Countries tumbled last month as the kingdom implemented a unilateral cutback to shore up markets, according to a report from the group on Thursday.
News
August 09, 2023
Improving margins have already prompted producers to raise output by 26% so far this year, government data show. Ethanol margins are higher than normal because of the lower production earlier this year, according to Jordan Fife, President of BioUrja Trading in Texas.
News
August 09, 2023
Foundry will be deployed in Azule Energy's upstream oil production business to support petroleum engineers, process engineers, flow assurance engineers, and more.
News
August 09, 2023
The license extensions increase the value of Tullow’s resource base through the addition of 5 MMbbl net 2P reserves that will deliver 100% 2P reserves replacement in Gabon this year.
News
August 08, 2023
Higher-than-expected well productivity and rising crude prices will help boost U.S. production to a record 12.8 MMbpd in 2023, up from a previous forecast of 12.6 MMbpd, according to a monthly report from the U.S. Energy Information Administration released Tuesday.
